Huobi Group has announced the launch of an incubator for Decentralized Finance (DeFi) projects to help develop DeFi applications.
Huobi Group will set aside “tens of millions of dollars for the launch of an investment fund to be managed by Huobi DeFi Labs.” The incubator will also help projects in research. Initially, four employees will participate in the initiative, led by Huobi Chief Investment Officer Sharlyn Wu.
“It is great to see the development of a decentralized economy on a global scale. However, there are still many unresolved problems at the theoretical and technical levels, ”Wu said.
Wu previously led the blockchain development department at China Merchant Bank International (CMBI). During his tenure, CMBI has invested in several different cryptocurrency and blockchain companies, including Bitpie and Nervos.
Note that the decentralized finance industry is experiencing an explosive growth phase. So, in July, the trading volume on decentralized exchanges increased immediately by 173% and amounted to $ 4.3 billion, and the total amount of blocked funds in DeFi applications exceeded $ 4 billion.